This paper reviews key findings of the IMF's Annual Report for the fiscal year ended April 30, 1977. The report highlights that after a cessation of economic growth in 1974 and an unusual decline in 1975, real gross national product in the industrial countries expanded by almost 51/2 percent in 1976. Increases in the range of 5-61/2 percent occurred in all of the larger industrial countries except the United Kingdom. The deep and prolonged international recession that started late in 1973 reached its low point in the first half of 1975.

Appendix I The Fund in 1976/77

The tables in this appendix supplement the information given in Chapter 3 on the activities of the Fund during the past year. For some aspects of the Fund’s operations, data covering longer periods are included. Apart from Table I.1 on exchange rates and exchange rate regimes, Table I.13 on the status of the General Arrangements to Borrow, and Table I.16 setting out the charges on the use of the Fund’s resources, the data in the tables do not go beyond April 30, 1977, the end of the Fund’s fiscal year.

*The member is availing itself of wider margins of up to ± 2.25 per cent.

1Rates as notified to the Fund and in terms of currency units per unit of currency listed.

2Rates as notified to the Fund and in terms of SDRs as valued in accordance with Article XXI, Section 2, of the Fund Articles of Agreement.

3Market rates as of June 30 in currency units per U.S. dollar.

4Belgium, Denmark, the Federal Republic of Germany, Luxembourg, the Netherlands, Norway, and Sweden maintain maximum margins of 2.25 per cent for exchange rates in transactions in the official markets between their currencies and those of the other countries in this group. No announced margins are observed for other countries.

5Members under this heading comprise those describing their exchange rate regime as one of floating independently as well as certain other members whose regimes are not otherwise described in this table. These members have notified the Fund that their currencies are not being maintained within specified margins in terms of another currency or a currency composite.

6Member maintains multiple currency practices and/or dual exchange market. A description of the member’s exchange system as of December 31, 1976 is given in the Twenty-Eighth Annual Report on Exchange Restrictions.

7Exchange rates adjusted according to a set of indicators.

8Information not available.

9Per Spanish peseta.

10Per Portuguese escudo.

11Per South African rand.

12Per Australian dollar.

13Saudi Arabia and Qatar maintain margins of up to ± 7.25 per cent.

14Rate for noncommercial transactions.

*The member is availing itself of wider margins of up to ± 2.25 per cent.

1Rates as notified to the Fund and in terms of currency units per unit of currency listed.

2Rates as notified to the Fund and in terms of SDRs as valued in accordance with Article XXI, Section 2, of the Fund Articles of Agreement.

3Market rates as of June 30 in currency units per U.S. dollar.

4Belgium, Denmark, the Federal Republic of Germany, Luxembourg, the Netherlands, Norway, and Sweden maintain maximum margins of 2.25 per cent for exchange rates in transactions in the official markets between their currencies and those of the other countries in this group. No announced margins are observed for other countries.

5Members under this heading comprise those describing their exchange rate regime as one of floating independently as well as certain other members whose regimes are not otherwise described in this table. These members have notified the Fund that their currencies are not being maintained within specified margins in terms of another currency or a currency composite.

6Member maintains multiple currency practices and/or dual exchange market. A description of the member’s exchange system as of December 31, 1976 is given in the Twenty-Eighth Annual Report on Exchange Restrictions.

Table I.3.Summary of Transactions and Operations in Special Drawing Rights, Fiscal Year Ended April 30, 19771(In thousands of SDRs)

Participants

Holdings on April 30, 1976

Transactions and Operations

Between participants

Positions at April 30, 1977

Received

Between participants andthe General Account

Interest, Charges, and Assessment (Net)

Holdings

Netcumulativeallocations

Holdings as per cent of net cumulative allocations

Throughdesignation

Other

Used

Received

Used

Afghanistan

5,260

80

433

–294

4,614

12,753

36.2

Algeria

43,048

1

+101

43,148

40,290

107.1

Argentina

43,710

50,763

21,858

–3,081

69,534

152,520

45.6

Australia

40,083

5,429

–7,238

27,416

225,645

12.1

Austria

95,846

+724

96,570

76,745

125.8

Bangladesh

15,654

9,554

12,382

+635

13,461

Barbados

2,767

18

–1

2,748

2,769

99.3

Belgium

563,303

165,944

12

+9,776

407,123

209,346

194.5

Benin

4,445

–1

4,445

4,449

99.9

Bolivia

6,990

112

–226

6,652

12,753

52.2

Botswana

1,568

1,567

1,569

99.9

Brazil

170,734

220

+690

171,644

152,520

112.5

Burma

7,137

1,124

1,166

1,639

–521

7,267

20,844

34.9

Burundi

3,094

82

–136

2,877

6,567

43.8

Cambodia

328

–315

14

8,517

0.2

Cameroon

9,945

1,641

–54

8,249

10,513

78.5

Canada

478,867

6,308

1,218

14

+4,578

478,342

358,620

133.4

Central African Empire

2,031

560

–101

1,370

4,365

31.4

Chad

2,147

345

–95

1,707

4,449

38.4

Chile

46,055

26,514

9,989

27,904

–271

54,383

54,654

99.5

Colombia

18,918

5,000

405

–1,261

23,062

54,441

42.4

Congo, People’s Republic of the

2,061

44

–92

1,925

4,449

43.3

Costa Rica

3,001

3,732

2,354

–343

4,036

11,016

36.6

Cyprus

9,799

2,572

–18

7,209

8,898

81.0

Denmark

81,886

8,340

+38

90,263

82,764

109.1

Dominican Republic

6,220

1,000

1,000

490

–326

5,404

14,535

37.2

Ecuador

6,097

164

–192

6,070

11,229

54.1

Egypt

7,787

23,523

7,633

–1,939

21,739

65,244

33.3

El Salvador

3,748

2,000

940

881

–276

5,531

11,655

47.5

Equatorial Guinea

1,773

–36

1,736

2,712

64.0

Fiji

1,329

–2

1,326

1,378

96.3

Finland

65,020

43

12,509

–109

52,446

61,470

85.3

France

184,294

35,000

7,557

–10,505

216,346

484,980

44.6

Gabon

4,619

–7

4,612

4,791

96.3

Gambia, The

1,998

1,500

500

18

–25

956

2,331

41.0

Germany, Federal Republic of

1,632,668

155,424

142,039

+43,714

1,689,768

542,400

311.5

Ghana

5,992

4,832

2,650

2,654

–846

9,974

30,123

33.1

Greece

13,410

7,239

10,355

13,720

–1,179

16,105

46,194

34.9

Grenada

56

77

62

+3

74

Guatemala

11,440

–18

11,422

11,868

96.2

Guinea

2,853

283

372

–211

2,552

8,304

30.7

Guyana

3,649

18

256

–124

3,287

6,780

48.5

Haiti

1,799

1,500

982

–196

2,121

6,567

32.3

Honduras

3,524

1,154

–216

2,153

8,517

25.3

Iceland

4,054

1,153

3,348

–183

1,676

7,419

22.6

India

198,516

20,298

31,384

–5,296

182,134

326,220

55.8

Indonesia

3,892

2,000

6,111

–3,242

8,761

90,156

9.7

Iran

61,322

4,500

1

2

+35

65,856

61,896

106.4

Iraq

27,977

1

+180

28,158

23,217

121.3

Ireland

44,947

374

+229

45,550

39,213

116.2

Israel

4,621

9,971

10,000

15,117

–1,377

8,098

42,810

18.9

Italy

111,649

161,128

152,327

–8,986

111,465

318,000

35.1

Ivory Coast

14,054

2,726

2,699

–99

8,529

14,268

59.8

Jamaica

357

3,000

4,500

13,511

2,856

–571

8,942

17,673

50.6

Japan

446,337

13,904

+3,108

463,349

377,400

122.8

Jordan

7,378

–9

7,369

7,587

97.1

Kenya

1,625

5,000

5,227

–494

903

15,600

5.8

Korea

3,106

2,000

11,938

10,979

20,668

–621

6,734

22,230

30.3

Lao People’s Democratic Republic

1,492

135

232

–114

1,281

4,449

28.8

Lesotho

496

–41

454

1,569

29.0

Liberia

3,521

36

–232

3,325

9,537

34.9

Luxembourg

7,339

–1

7,339

7,345

99.9

Madagascar

348

1,250

2,000

983

–292

2,323

8,730

26.6

Malawi

4,501

263

–28

4,210

5,085

82.8

Malaysia

65,714

250

41,237

+167

24,894

60,618

41.1

Mali

2,606

337

147

–187

2,609

7,542

34.6

Malta

5,087

59

+2

5,147

5,088

101.2

Mauritania

1,563

158

589

–121

1,011

4,449

22.7

Mauritius

2,509

186

–184

2,511

7,374

34.0

Mexico

85,568

45,802

83,298

182

5,291

–2,781

40,182

124,170

32.4

Morocco

13,358

4,287

–1,070

8,000

39,189

20.4

Nepal

2,202

12

152

–3

2,058

2,215

92.9

Netherlands

531,347

+11,277

542,624

236,460

229.5

New Zealand

5,736

33,000

21,095

–2,206

15,436

69,402

22.2

Nicaragua

4,145

1,000

825

–204

4,115

8,943

46.0

Niger

4,387

–3

4,384

4,449

98.5

Nigeria

61,157

+593

61,750

45,555

135.6

Norway

89,455

+495

89,950

76,320

117.9

Oman

742

741

742

99.9

Pakistan

45,080

32,678

42,709

–2,154

32,895

81,639

40.3

Panama

6,550

1,908

–261

4,381

12,372

35.4

Papua New Guinea

1,833

713

1,248

+72

1,369

Paraguay

6,564

1

—1

6,564

6,567

100.0

Peru

6,431

2,806

2,189

7,145

—1,374

2,907

40,479

7.2

Philippines

21,273

12,409

19,676

—1,338

12,667

51,495

24.6

Portugal

6,213

9,200

9,951

+346

5,808

Romania

14,721

3,132

7,716

+528

10,665

Rwanda

2,229

205

–162

2,272

6,567

34.6

Senegal

2,526

2,726

1,823

–358

3,071

11,442

26.8

Sierra Leone

3,645

1,018

–181

2,446

7,845

31.2

Somalia

4,271

–89

4,182

6,567

63.7

South Africa

46,194

519

8,143

–1,771

36,799

88,920

41.4

Spain

116,470

5,000

41,128

–1,143

79,200

126,135

62.8

Sri Lanka

11,677

8,911

7,840

–869

11,880

33,978

35.0

Sudan

2,258

4,347

1,100

6,738

–934

33

24,912

0.1

Swaziland

943

–68

875

2,712

32.2

Sweden

106,995

36

–12

107,019

107,025

100.0

Syrian Arab Republic

6,935

167

–395

6,373

17,034

37.4

Tanzania

1,555

3,297

10,141

4,936

–343

9,715

14,322

67.8

Thailand

29,583

994

+20

28,608

28,542

100.2

Togo

5,081

146

–3

4,931

5,085

97.0

Trinidad and Tobago

7,191

1,500

521

–513

8,699

20,811

41.8

Tunisia

9,965

–184

9,782

14,713

66.5

Turkey

22,802

16,289

20,441

–1,256

17,394

50,307

34.6

Uganda

2,285

470

1,861

–481

413

13,896

3.0

United Kingdom

675,311

6,750

124,458

–15,004

542,599

1,006,320

53.9

United States

2,020,687

40,500

–9,943

2,051,245

2,293,980

89.4

Upper Volta

4,425

–1

4,424

4,449

99.4

Uruguay

789

15,342

12,421

–828

2,883

23,937

12.0

Venezuela

125,952

+512

126,464

112,290

112.6

Viet Nam

19,742

19,000

5,000

206

–376

5,160

19,758

26.1

Western Samoa

19

128

81

–7

58

212

27.5

Yemen Arab Republic Yemen, People’s Democratic

2,129

2,128

2,130

99.9

Republic of

3,417

2,422

2,132

–256

3,451

9,873

35.0

Yugoslavia

24,649

2,000

3,450

22,250

–2,155

5,693

69,291

8.2

Zaïre

31,035

8,000

1,959

8,435

–459

16,101

39,189

41.1

Zambia

14,501

2,900

1,500

8,820

6,968

–285

17,468

24,588

71.0

Total Participants

8,853,989

118,798

317,017

435,815

503,135

789,402

–23,981

8,543,742

9,314,835

General Account

460,847

789,402

503,135

+23,981

771,094

Total

9,314,835

118,798

317,017

435,815

1,292,537

1,292,537

—

9,314,835

9,314,835

1This table does not include those participants that did not receive allocations and do not presently hold SDRs. These participants are the Bahamas, Bahrain, the Republic of China, the Comoros, and Guinea-Bissau.

1This table does not include those participants that did not receive allocations and do not presently hold SDRs. These participants are the Bahamas, Bahrain, the Republic of China, the Comoros, and Guinea-Bissau.

2In accordance with Article XXV, Section 7(f), of the Articles of Agreement.

3In addition, the following amounts purchased within credit tranches during the fiscal year 1975/76 totaling the equivalent of SDR 39.56 million were reclassified as having been made under the compensatory financing decision: Bangladesh—SDR 19.06 million, Pakistan—SDR 18 million, and the People’s Democratic Republic of Yemen—SDR 2.5 million.

2In accordance with Article XXV, Section 7(f), of the Articles of Agreement.

3In addition, the following amounts purchased within credit tranches during the fiscal year 1975/76 totaling the equivalent of SDR 39.56 million were reclassified as having been made under the compensatory financing decision: Bangladesh—SDR 19.06 million, Pakistan—SDR 18 million, and the People’s Democratic Republic of Yemen—SDR 2.5 million.

2Total includes SDR 126.8 million and SDR 37.5 million relating to Article V, Section 7(b), repurchase obligations incurred as of April 30, 1974 and April 30, 1975, respectively, as follows: 1974—SDR 48 million by Argentina, SDR 12.1 million by Chile, SDR 6.7 million by Nicaragua, SDR 35.6 million by the Philippines, SDR 5.4 million by the Syrian Arab Republic, and SDR 19 million by Zambia; 1975—SDR 12.1 million by Bolivia, SDR 24.2 million by Ivory Coast, and SDR 1.2 million by the Philippines.

Note:Included in repurchases shown in the table are the following amounts related to purchases under the decision on compensatory financing of export fluctuations (amounts in millions of SDRs):

Philippines

29.1

Argentina

48.0

Sri Lanka

7.2

Bangladesh

31.3

Uruguay

4.3

Burma

1.5

Western Samoa

0.1

Chile

45.3

Zaïre

22.6

Egypt

14.0

Zambia

19.0

Ivory Coast

13.4

Malaysia

85.7

Total

321.4

1Less than SDR 50,000.

2Total includes SDR 126.8 million and SDR 37.5 million relating to Article V, Section 7(b), repurchase obligations incurred as of April 30, 1974 and April 30, 1975, respectively, as follows: 1974—SDR 48 million by Argentina, SDR 12.1 million by Chile, SDR 6.7 million by Nicaragua, SDR 35.6 million by the Philippines, SDR 5.4 million by the Syrian Arab Republic, and SDR 19 million by Zambia; 1975—SDR 12.1 million by Bolivia, SDR 24.2 million by Ivory Coast, and SDR 1.2 million by the Philippines.

Note:Included in repurchases shown in the table are the following amounts related to purchases under the decision on compensatory financing of export fluctuations (amounts in millions of SDRs):

1Before September 1966, purchases were made under Executive Board Decision No. 1477-(63/8), adopted February 27, 1963. Subsequently until December 1975, they were made under the decision as amended by Executive Board Decision No. 2192-(66/81), adopted September 20, 1966. And since January 1976, they have been under the decision as amended by Executive Board Decision No. 4912-(75/207), adopted December 24, 1975. (See Selected Decisions of the International Monetary Fund and Selected Documents (Eighth Issue, Washington, 1976), pages 62–66.)

2Date and amount of reclassification of previous purchases.

3In addition, Fund sale of Uruguayan new pesos had the effect of repurchasing the equivalent of SDR 4.33 million.

1Before September 1966, purchases were made under Executive Board Decision No. 1477-(63/8), adopted February 27, 1963. Subsequently until December 1975, they were made under the decision as amended by Executive Board Decision No. 2192-(66/81), adopted September 20, 1966. And since January 1976, they have been under the decision as amended by Executive Board Decision No. 4912-(75/207), adopted December 24, 1975. (See Selected Decisions of the International Monetary Fund and Selected Documents (Eighth Issue, Washington, 1976), pages 62–66.)

2Date and amount of reclassification of previous purchases.

3In addition, Fund sale of Uruguayan new pesos had the effect of repurchasing the equivalent of SDR 4.33 million.

Table I.10.Total Repurchase Obligations Incurred in Accordance with Article V, Section 7(b), and Amounts Payable Forthwith by Members, as of April 30, 1976(In thousands of SDRs)

1Member discharged the equivalent of SDR 9,250,000 payable forthwith in accordance with paragraph 2(c) of Executive Board Decision No. 3049-(70/44). (See Selected Decisions of the International Monetary Fund and Selected Documents (Eighth Issue, Washington, 1976), pages 91–93.) Owing to the limitation of Article V, Section 7(c) (iv), the balance of the repurchase obligation incurred as of April 30, 1976 will be payable at the end of the subsequent financial year.

2Member has agreed with the calculations.

3Member has agreed with the calculations and will discharge the equivalent of SDR 34,500,000 payable forthwith in accordance with paragraph 2(c) of Executive Board Decision No. 3049-(70/44). Owing to the limitation of Article V, Section 7(c) (iv), the balance of the repurchase obligation incurred as of April 30, 1976 will be payable at the end of the subsequent financial year or years.

4Member repurchased the equivalent of SDR 24,170,000, which discharged the total repurchase obligation incurred as of April 30, 1975. This repurchase discharged the equivalent of SDR 13,000,000, which was payable as of April 30, 1975, and the balance equivalent to SDR 11,170,000, which was payable as of April 30, 1976. Owing to the limitation of Article V, Section 7(c)(iv), the member, which has agreed with the calculations, has to pay the equivalent of SDR 1,830,000. The balance of the repurchase obligation incurred as of April 30, 1976 will be payable at the end of the subsequent financial year.

5Member discharged the equivalent of SDR 19,720 payable forthwith in special drawing rights and convertible currencies in accordance with paragraph 2(a) of Executive Board Decision No. 3049-(70/44). The amount payable in gold equivalent to SDR 280,000 was postponed. Owing to the limitation of Article V, Section 7(c) (iv), the balance of the repurchase obligation incurred as of April 30, 1976 will be payable at the end of the subsequent financial year or years.

6Member discharged the equivalent of SDR 500,000 payable forthwith in accordance with paragraph 2(c) of Executive Board Decision No. 3049-(70/44). Owing to the limitation of Article V, Section 7(c)(iv), the balance of the repurchase obligation incurred as of April 30, 1976 will be payable at the end of the subsequent financial year.

1Member discharged the equivalent of SDR 9,250,000 payable forthwith in accordance with paragraph 2(c) of Executive Board Decision No. 3049-(70/44). (See Selected Decisions of the International Monetary Fund and Selected Documents (Eighth Issue, Washington, 1976), pages 91–93.) Owing to the limitation of Article V, Section 7(c) (iv), the balance of the repurchase obligation incurred as of April 30, 1976 will be payable at the end of the subsequent financial year.

2Member has agreed with the calculations.

3Member has agreed with the calculations and will discharge the equivalent of SDR 34,500,000 payable forthwith in accordance with paragraph 2(c) of Executive Board Decision No. 3049-(70/44). Owing to the limitation of Article V, Section 7(c) (iv), the balance of the repurchase obligation incurred as of April 30, 1976 will be payable at the end of the subsequent financial year or years.

4Member repurchased the equivalent of SDR 24,170,000, which discharged the total repurchase obligation incurred as of April 30, 1975. This repurchase discharged the equivalent of SDR 13,000,000, which was payable as of April 30, 1975, and the balance equivalent to SDR 11,170,000, which was payable as of April 30, 1976. Owing to the limitation of Article V, Section 7(c)(iv), the member, which has agreed with the calculations, has to pay the equivalent of SDR 1,830,000. The balance of the repurchase obligation incurred as of April 30, 1976 will be payable at the end of the subsequent financial year.

5Member discharged the equivalent of SDR 19,720 payable forthwith in special drawing rights and convertible currencies in accordance with paragraph 2(a) of Executive Board Decision No. 3049-(70/44). The amount payable in gold equivalent to SDR 280,000 was postponed. Owing to the limitation of Article V, Section 7(c) (iv), the balance of the repurchase obligation incurred as of April 30, 1976 will be payable at the end of the subsequent financial year or years.

6Member discharged the equivalent of SDR 500,000 payable forthwith in accordance with paragraph 2(c) of Executive Board Decision No. 3049-(70/44). Owing to the limitation of Article V, Section 7(c)(iv), the balance of the repurchase obligation incurred as of April 30, 1976 will be payable at the end of the subsequent financial year.

Table I.11.Summary of Members’ Purchases and Repurchases, Years Ended April 30, 1948–77(In millions of SDRs)

1Includes purchases that raised the level of the Fund’s holdings of the drawing members’ currencies to no more than 75 per cent of quota. These purchases are not subject to repurchase.

2Includes repurchases that reduced the Fund’s holdings of members’ currencies below the amounts originally paid on subscription account and repurchases of members’ currencies paid in settlement of charges. Excludes sales of currencies of members held by the Fund in excess of 75 per cent of quota, as a result of previous purchases, and adjustments due primarily to settlement of accounts with countries that have withdrawn from the Fund; these sales and adjustments have the effect of repurchase.

1Includes purchases that raised the level of the Fund’s holdings of the drawing members’ currencies to no more than 75 per cent of quota. These purchases are not subject to repurchase.

2Includes repurchases that reduced the Fund’s holdings of members’ currencies below the amounts originally paid on subscription account and repurchases of members’ currencies paid in settlement of charges. Excludes sales of currencies of members held by the Fund in excess of 75 per cent of quota, as a result of previous purchases, and adjustments due primarily to settlement of accounts with countries that have withdrawn from the Fund; these sales and adjustments have the effect of repurchase.

Table I.12.Summary of Stand-By Arrangements That Became Effective During the Fiscal Years Ended April 30, 1953–771(In millions of SDRs)

Number

Amount

1953

2

55.00

1954

2

62.50

1955

2

40.00

1956

2

47.50

1957

9

1,162.28

1958

11

1,043.78

1959

15

1,056.63

1960

14

363.88

1961

15

459.88

1962

24

1,633.13

1963

19

1,531.10

1964

19

2,159.85

1965

24

2,159.05

1966

24

575.35

1967

25

591.15

1968

32

2,352.36

1969

26

541.15

1970

23

2,381.28

1971

18

501.70

1972

13

313.75

1973

13

321.85

1974

15

1,394.00

1975

14

389.75

1976

18

1,188.02

1977

19

4,679.64

Total

398

27,004.58

1Includes renewals and extensions for one year or less, except the renewals each six months of the stand-by arrangement for Belgium granted in June 1952 until that member purchased the full amount of the equivalent of SDR 50 million in April 1957.

1Includes renewals and extensions for one year or less, except the renewals each six months of the stand-by arrangement for Belgium granted in June 1952 until that member purchased the full amount of the equivalent of SDR 50 million in April 1957.

Table I.13.Status of General Arrangements to Borrow on June 30, 1977(In millions of SDR equivalents)

Participants

Maximum Amounts ofCredit Arrangements

FundIndebtedness

Belgium

178.9

25.0

Canada

175.2

29.7

Deutsche Bundesbank

1,462.1

388.8

France

473.4

32.0

Italy

333.6

—

Japan

1,077.3

275.8

Netherlands

250.0

54.2

Sveriges Riksbank

100.5

11.3

United Kingdom

528.3

—

United States

1,715.5

467.7

Total

6,294.8

1,284.6

Table I.14.Currencies Replenished by the Fund in Connection with the First Phase of Gold Sales Program, Fiscal Year Ended April 30, 1977(In millions of SDRs)

Currency

Sales for Distribution

Sales by Auctions

Total

Direct

Indirect

Total

Algerian dinars

0.97

—

0.97

—

0.97

Austrian schillings

2.02

2.68

4.70

9.11

13.81

Bahrain dinars

0.08

—

0.08

—

0.08

Belgian francs

4.87

5.65

10.52

27.27

37.79

Brazilian cruzeiros

3.29

0.74

4.04

18.17

22.20

Canadian dollars

8.24

3.84

12.08

13.66

25.74

Colombian pesos

1.18

—

1.18

—

1.18

Danish kroner

1.95

—

1.95

—

1.95

Deutsche mark

11.99

11.48

23.46

27.28

50.74

Fiji dollars

0.10

—

0.10

—

0.10

French francs

11.23

7.12

18.35

—

18.35

Guatemalan quetzales

0.27

—

0.27

—

0.27

Iranian rials

1.44

—

1.44

—

1.44

Irish pounds

0.91

—

0.91

—

0.91

Japanese yen

8.99

11.18

20.16

27.34

47.50

Kuwaiti dinars

0.49

—

0.49

—

0.49

Luxembourg francs

0.15

—

0.15

—

0.15

Malta pounds

0.12

—

0.12

—

0.12

Netherlands guilders

5.24

5.35

10.59

18.32

28.92

Norwegian kroner

1.80

0.85

2.65

—

2.65

Paraguayan guaraníes

0.14

—

0.14

—

0.14

Qatar riyals

0.15

—

0.15

—

0.15

Rials Omani

0.05

—

0.05

—

0.05

Saudi Arabian riyals

1.00

—

1.00

—

1.00

Swedish kronor

2.43

2.16

4.59

9.19

13.78

Trinidad and Tobago dollars

0.47

—

0.47

—

0.47

U.A.E. dirhams

0.11

—

0.11

—

0.11

U.S. dollars

50.17

34.84

85.01

27.53

112.54

Venezuelan bolívares

2.47

1.66

4.13

22.71

26.83

Yemen rials

0.07

—

0.07

—

0.07

Total

122.40

87.55

209.95

200.57

410.51

Table I.15.Currencies and Special Drawing Rights Obtained from the Fund by Members in Purchases for Their Own Currencies; Currencies and Special Drawing Rights Used by Members in Repurchases, Fiscal Year Ended April 30, 19771(In millions of SDRs)

3Total includes SDR 126.8 million and SDR 37.5 million relating to Article V, Section 7(b), repurchase obligations incurred as of April 30, 1974 and April 30, 1975, respectively, as follows: 1974—SDR 4.4 million in SDRs, SDR 17 million in deutsche mark, SDR 1.7 million in French francs, SDR 4.2 million in Japanese yen, and SDR 99.5 million in U.S. dollars; 1975—SDR 0.8 million in SDRs, SDR 0.5 million in Canadian dollars, SDR 1.3 million in deutsche mark, SDR 23 million in French francs, SDR 2.8 million in Japanese yen, SDR 0.3 million in Netherlands guilders, SDR 0.4 million in Norwegian kroner, and SDR 8.3 million in U.S. dollars.

1Exclusive of transactions in connection with the oil facility.

2Less than SDR 50,000.

3Total includes SDR 126.8 million and SDR 37.5 million relating to Article V, Section 7(b), repurchase obligations incurred as of April 30, 1974 and April 30, 1975, respectively, as follows: 1974—SDR 4.4 million in SDRs, SDR 17 million in deutsche mark, SDR 1.7 million in French francs, SDR 4.2 million in Japanese yen, and SDR 99.5 million in U.S. dollars; 1975—SDR 0.8 million in SDRs, SDR 0.5 million in Canadian dollars, SDR 1.3 million in deutsche mark, SDR 23 million in French francs, SDR 2.8 million in Japanese yen, SDR 0.3 million in Netherlands guilders, SDR 0.4 million in Norwegian kroner, and SDR 8.3 million in U.S. dollars.

2Excludes income from investments transferred to the Special Reserve until February 15, 1972.

3Net income or expense for each year was transferred to the General Reserve until 1971 and to the Special Reserve for the period 1973–77, except for the fiscal year 1970, when SDR 17.5 million was distributed to members under Article XII, Sections 6(a) and (b), of the Fund Agreement.

1Totals may not add to figures shown, owing to rounding.

2Excludes income from investments transferred to the Special Reserve until February 15, 1972.

3Net income or expense for each year was transferred to the General Reserve until 1971 and to the Special Reserve for the period 1973–77, except for the fiscal year 1970, when SDR 17.5 million was distributed to members under Article XII, Sections 6(a) and (b), of the Fund Agreement.

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